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Markel Corporation

MKL
61
Insurance - Property & Casualty · Financial Services
Also trades as: 0JYM.L GBP 19.11 (+0.57%)
Price
$1905.39
+33.45 (+1.79%)
Market Cap
$23.61B
Winston Score
61
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
21/30
Growth
Mixed
9/20
Cash Flow
Strong
8/10
Stability
Exceptional
9/10
Valuation
Good
5/10
Ownership
Mixed
6/15
Dividends
Not counted
n/a

58 of 95 counted points = Winston Score 61. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count falling — buybacks

−7.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 13.8M (2021) → 12.7M (2025)

§Winston Score History

The full picture

Markel Corporation is an insurance company that sells coverage for unusual or hard-to-insure risks — things like summer camps, horse farms, and specialty medical clinics. Its main customers are businesses and individuals who need coverage that standard insurers typically won't offer. Markel operates across property and casualty insurance, and it is often compared to a smaller version of Berkshire Hathaway because of how it runs its business.

Markel makes money in two main ways: collecting insurance premiums and investing the cash it holds before paying out claims. It operates primarily in the United States but also has a meaningful international presence through Lloyd's of London and other markets. Its competitive edge comes from its underwriting discipline in niche markets and its ability to grow a portfolio of non-insurance businesses, called Markel Ventures. The key risk is that a surge in large insurance claims — from hurricanes, lawsuits, or other disasters — could quickly eat into profits.

Politician Trades

13 trades / 12mo

3 Congressional buys and 10 sells on MKL in the last 12 months.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+17.8% YoY

YoY Growth Rate

Steady revenue growth

Reported EPS Growth

+86.9% YoY

Quarterly reporting periods ended:

30 Jun 2025: $49.80

30 Jun 2026: $93.08

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

2.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$36.9B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Markel Corporation is a rare growth stock that's already generating positive cash flow while growing at 18%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
59.1%
Premium pricing power — 59.1% gross margin
Profit after running costs
Operating Margin
29.2%
Excellent — 29.2% operating margin
Return on the money invested
ROCE
12.7%
Good — 12.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+7.9%
Steady sales growth (+7.9% YoY)
Profit growth
EPS YoY
+9.2%
Earnings growing (+9.2% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
102%
Turns 102% of profit into real cash
Spare cash per sale
FCF Margin
12.2%
Converts sales into free cash efficiently (12.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.23
Conservative — low debt load (0.23)
Covers its interest
Interest Cover
14.50x
Comfortably covers interest (14.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
10.4x
Attractive valuation — P/E 10.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
-9.2
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.
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